If you are dealing with the situation, “I can’t sell my house in Suffolk Virginia,” this article can help. Maybe you’ve been trying to sell your Suffolk house for a while now and haven’t received any offers, not to worry! There are some options for you to explore to sell your house for a fair price.
You may already have tried one of the options: Lowering the asking price.
Most people would like to sell their house for more than what they paid for it, or close to what other houses of similar type are selling for around the neighborhood, but if your house needs significant repairs, you will need to lower the asking price.
What are my options if I can’t sell my house in Suffolk?
Here are five more options to explore when you can’t sell your house in Suffolk:
1) Take It Off the Market
You may not like this if you need to sell fast, but that is a good option if you can wait, especially if you can do some repairs or maybe do a full rehab of the house, if you can afford it..
2) Take Out a Second Mortgage
If you could afford to pay a higher monthly mortgage, you could take out a second mortgage. Why? You could do repairs to your home, maybe a full renovation which would help you sell the house for more later. Or, you could use the money for real estate investments.
3) Rent Out Your Home
Well, that is a good option too, if you cannot sell your home. You could get a second home and rent out the first (old) home. If the first home is in decent shape, you can rent it out and use the rent money to pay your new mortgage on your new house. Of course, if the house does not get a full rehab, or if it is not in a good area in town you may not be able to get great rent money from it. On top of that, if you rent out your older home you will need to factor in expenses for maintenance and repair on your older home.
4) Consider a Short Sale
“I can’t sell my house in Suffolk because I owe too much!” This is a situation where you recently purchased your home and you owe more than you can sell it for, more than what it’s worth. This is called “upside down”.
Sometimes you could negotiate with the mortgage company to accept less money to satisfy the mortgage. Some lenders will do that as opposed to go through foreclosure with you, which will cost them a good amount of money. If you find a buyer to purchase your home with cash, this option may work out fine.
Please note, short sale may affect your credit. Being in pre-foreclosure may prevent you getting a second mortgage, at least for a while.
In some cases, if you have a good level of equity, you can find a cash buyer company, like us, to purchase your home with cash, where you would get enough money to pay off the full amount of the outstanding mortgage, and maybe have some left over money for you too. Best yet, if you have been current on your mortgage payments up to this point, your credit will be intact after the transaction. You can call us today if you’d like to consider this option. We will let you know within 24 hrs how much you can get and how quickly we can close.
5) Offer a “Lease to Own” Option
This is a great option if you can find good tenants and offer them to lease your home to them with the option to buy your home before the lease expires. This gives them time to save up for a down payment and also build their credit, so they can secure a loan to buy your home later on.
Moreover, you could add additional premium to the monthly lease payment – if the new tenants can afford it – to use towards a down payment to buy your home later, but if they decide not to buy your home, you can keep that money as extra income for you.